ECONOMIC EXPANSION

WorldWatch has mentioned in this blog several times that some attitudes of certain crude producers will with time turn against them, the speculation will stop and the first nation to fell the back slash is Venezuela as its President Hugo Chavez grinning at about 300 business leaders and company executives he usually calls ``oligarchs,'' implored for help relieving a drought in investment.

``Those of you who have money abroad, bring some home, let's ally ourselves, let's elevate production as much as we can,''

After squeezing the private sector for almost a decade with nationalizations and foreign exchange controls, Chavez is holding out the lure of lower taxes and $1 billion of loans to spark growth and combat spiraling inflation that only ramped up production can solve.

Investment fell for the first time in four years in the first quarter and state spending, the driving force behind four and a half years of economic expansion, is showing diminishing returns as output growth lags behind a boom in oil-fueled consumptionn.

The vocabulary the government has used over the past two years, above all the president, includes expropriation, confiscation, and it isn't well-received by the private sector, there's less investment, this means less supply, and that's going to keep driving up prices in Venezuela.

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SPECULATION once more showing its ugly head and forcing crude oil to rise more than $5 to a record on concerns that Israel may be preparing to attack Iran, while a strike in Brazil and renewed militant activity in Nigeria threaten to cut supplies.
Oil rallied to a record high of $147.27 a barrel in New York after the Jerusalem Post said Israeli war planes practiced over Iraq, adding to speculation the country is preparing to attack Iran. A Brazilian union said it plans a five-day strike on platforms that pump 80 percent of the country's crude and Nigerian militants pledged to renew attacks on oil facilities.

We are now in uncharted territory here with the Iranian situation, Iran is showing its completly crazy following this path and this is causing that people are just too scared to sell.
Crude oil for August delivery rose as much as $5.25, or 3.7 percent, to an all-time high of $147.27 a barrel on the New York Mercantile Exchange...

Israeli war planes are conducting maneuvers in Iraqi airspace and using U.S. airbases in the country, possibly practicing for a strike against Iran, the newspaper reported, citing comments by Iraqi officials in local media. Israeli government spokesman Mark Regev denied the report.

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Once more speculation by Iran saying it would strike Israel and the U.S. Navy in the Persian Gulf as a first response to any American attack on its nuclear program, an aide to Supreme Leader Ayataollah Ali Khamenei said.
``The Zionist regime is pressuring White House leaders to prepare a military aggression against Iran,'' the state-run Fars News agency today cited Ali Shirazi, Khamenei's representative in the Revolutionary Guards navy division, as saying.

``If they resort to such a silly undertaking Tel Aviv and the U.S. fleet in the Persian Gulf will be the first targets to go on fire with Iran's crushing response,'' Shirazi told military personnel, according to the newswire. Who is being silly ????

The U.S. and allies accuse Iran of using its atomic program as cover for the development of nuclear weapons. Iran, which is under three sets of United Nations sanctions for refusing to halt uranium enrichment, denies the allegation and says the work is aimed at generating electricity. Enriched uranium can fuel a nuclear reactor or arm a weapon.
Tensions over the Iranian dispute increased, helping push the price of oil to a record, after the New York Times said Israeli military maneuvers in the eastern Mediterranean last month were practice for a possible strike on Iran's nuclear facilities. President George W. Bush said July 2 he is committed to pursuing a diplomatic solution to end the stalemate, yet ``all options'' remain in place.

Its almost summer holidays for most people, but with the economical situation many are still thinking of where to go for a short family trip. Well, if you can withstand the hot weather around europe, go ahead, if not, going to the beach might be great choice for this summer. You might want to spend a day or two in some famous waterpark with your family …
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It is a park and it has a beach located only half a mile away. Its the closest park to the Goodrington Sands that contains a beautiful Beach, Quay West Water Park, Family Pub, Go Karts, Water Sports, a Cliff Walk and Young's Park. You can spend one whole day near the beautiful beach and playing in the Quay West Water Park, as well as the next day having a light walk near the Cliff to capture the perfect scenary.

If you like animal, there is a Paignton Zoo, which located short distance away from the Park that you might be interested in.
It has been a really long time since i last visited any water park for a short break, perhaps, the Caravan Park Devon holiday package could cheer up my day during this hot summer! So this will be my next holiday spot….join me..

Crude oil fell more than $3 a barrel after Iran's foreign minister expressed confidence in talks with western governments on the country's nuclear program and the dollar gained before a meeting of Group of Eight leaders.
Oil dropped for the first session in four as Foreign Minister Manouchehr Mottaki told CNN yesterday that talks are ``in a new environment'' and ``new approaches'' are possible. The dollar rose to its highest against the euro in more than a week as G-8 leaders are expected to signal support for the currency.

Crude oil for August delivery fell $3.87, or 2.7 percent, to $141.42 a barrel at 10:07 a.m. on the New York Mercantile Exchange.
Oil reached a record $145.85 on July 3 on speculation any attack on Iran may disrupt exports from Iran, OPEC's second- biggest producer.

``Obviously, there's some selling pressure here, some profit taking going on....

The fewest Americans in three years likely traveled over the July 4th weekend as record gasoline prices and a slowing economy forced consumers to curtail spending, according to AAA, the largest U.S. motoring group. The number of people taking trips of at least 50 miles (80 kilometers) from home over the holiday weekend will fall 1.3 percent to 40.5 million, AAA said.

Regular gasoline at the pump, averaged nationwide, rose 0.1 cent to a record $4.108 a gallon...
Leaders from Canada, France, Germany, Italy, Japan, Russia, the U.K. and the U.S. are meeting in Japan for three days. President George W. Bush said at a news conference in Japan yesterday that ``the U.S. believes in a strong-dollar policy.''

Brent crude oil for August settlement fell $2.23, or 1.5 percent, to $142.19 a barrel on London's ICE Futures Europe exchange. Futures climbed to a record $146.69 on July 3.

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Like the oil derrick at the high school, now obscured by a 175-foot tower decorated with colorful tiles, other production sites in the Beverly Hills field are hidden from view.
Several miles from Beverly Center, at the foot of a street of million-dollar homes, a six-story, windowless structure houses a Plains well.
Noise from the well site increased this year as oil prices rose, as it started humming 24 hours a day...
The only hint of production at Los Angeles's Rancho Park municipal golf courrse is noise coming from a row of shrubs along the fourth fairway.
The oil well here is out of the way, there are no homes nearby and they've made an effort to hide it, it doesn't smell, and from the green, you can't hear it.

General Motors Corp. shares fell yesterday to their lowest level since 1954 after a Merrill Lynch & Co. analyst said the automaker may need to raise as much as $15 billion and faces the possibility of bankruptcy. The company's June U.S. auto sales fell 18 percent, as rising gasoline prices damped demand for pickups and sport-utility vehicles. Now the US faces what other nations have faced for years, its time the Americans changed their energy habits, drive smaller more economical cars instead of those big ugly Chev,Ford,Chrisler and so on...
Sales at Ssangyong Motor Co. the South Korean unit of China's biggest automaker, sank 32 percent last month as domestic customers shunned its sport-utility vehicles.
Brent crude for August delivery climbed as much as $1.49, or 1 percent, to a record $145.75 a barrel on London's ICE Futures Europe exchange. It was at $145.40 at 3:09 p.m. Singapore time.
U.S. gasoline inventoriies rose 2.1 million barrels to 210.9 million and supplies of distillate fuel, including heating oil and diesel, increased 1.3 million barrels to 120.7 million barrels, the Energy Department said in its report today.

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Now we also have a Russian President Dmitry Medvedev who has little or no financial experience at all, speculating that high oil prices are a ``reality that everyone has to take into account.'' He said the influence of the Organization of Petroleum Exporting Countries is ``exaggerated'' and the group's decisions don't always have a ``long-term impact on oil prices.'' Russia is the world's second-largest crude producer.
``I have said that oil prices will reach $150 a barrel,'' Medvedev said in a meeting with reporters late yesterday in Moscow ahead of his participation in a summit of the Group of Eight industrial countries in Japan next week. ``Unfortunately, rising oil prices create problems for the world's economy.'' ...how smart can these politicians be !!!
The surge in prices of diesel, jet fuel and gasoline has cut profits at airlines and caused car sales to drop. Southeast Asian nations including India, Malaysia and Indonesia raised fuel prices in the past two months to cap government subsidies as oil costs jumped.

Crude oil rose to a record above $144 a barrel in New York as the European Central Bank is poised to increase interest rates and U.S. stockpiles unexpectedly fell to their lowest since January. This is all a load of bullshit...on one side we have OPEC saying there is sufficient crude on the market and that these high prices are due to speculation...then we have everyone involved in the energy industry SPECULATING and forcing crude prices up and filling their pockets!!!
One small detail....OPEC is also involved in SPECULATION .... very much involved!!!
Economists are forecasting the ECB will raise its 4 percent benchmark rate by a quarter percentage point today, weakening the dollar and spurring commodity buying as an inflation hedge. Investors are purchasing oil, which has doubled this past year, as U.S. equities slump, with the Standard & Poor's 500 Indeex falling yesterday to its lowest level in two years.
In this market, breaking the $145 level will be important and all speculators see crude reaching $150 within two days..